Required information Use the following Information for the Exercises below. [The following Information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Jan. 1 Beginning inventory Jan.10 Sales Mar. 14 Purchase Mar.15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals Units Acquired at Cost 225 units @ $11.00 = $2,475 Units Sold at Retail 150 units @ $41.00 340 units $16.00 = 5,440 300 units @ $41.00 425 units @ $21.00 = 8,925 395 units @ $41.00 125 units @ $26.00 1,115 units = 3,250 $20,090 845 units Exercise 5-8 Specific Identification LO P1 Required: Hemming uses a perpetual Inventory system. Assume that ending Inventory is made up of 65 units from the March 14 purchase, 80 units from the July 30 purchase, and all 125 units from the October 26 purchase. Using the specific Identification method, calculate the following. a) Cost of Goods Sold using Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Date Activity Units Unit Cost Units Unit Cost COGS Sold Ending Inventory Unit Cost Units Ending Inventory Cost Jan. 1 Beginning Inventory 225 25 S 0.00 $ 0 S 0.00 $ 0 Mar. 14 Purchase 340 S 0.00 0 S 0.00 0 July 30 Purchase 425 S 0.00 0 S 0.00 0 Oct. 26 Purchase 125 $ 0.00 0 S 0.00 0 1,115 $ 0 S 0 b) Gross Margin using Specific Identification Less: Equals: